Exclusive: funding requests, uncertain responsibilities and a failure to secure long-term contracts has critics asking if the fossil fuel-based venture is still a good deal
: funding requests, uncertain responsibilities and a failure to secure long-term contracts has critics asking if the fossil fuel-based venture is still a good dealA multi-billion dollar Japanese plan to extract hydrogen from Victoria’s brown coal is at risk of failing due to demands for extra subsidies and a lack of willingness from Japanese customers to sign up for long-term deals.
Opponents, though, say the cost of capturing and storing the resulting carbon emissions will likely render fossil fuel-sourced hydrogen uncompetitive.Guardian Australia understands the federal and state governments have been asked for “multiples” of the $50m both have so far invested in a project that is not expected to reach commercial scale before 2030.
A spokesperson for the federal climate and energy minister, Chris Bowen, said the Albanese government welcomed “that Japan looks to Australia to enhance efforts to build the global hydrogen industry”, but said Bowen had not received a request to support the next stage of the project and did not comment on the length of the proposed offtake contracts.
The Australian Hydrogen Council, an industry group, said the HESC project will not require renewable energy resources that are needed for other parts of the state’s decarbonisation efforts, labelling it an “alternative pathway” to the “main game” of renewable hydrogen. “Carbon capture and sequestration, statistically, has been a massive, abject failure. It literally waits for the next sucker to come along,” he said.
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